Accounting
\nPrinciples I – Online
\nEXAM IV – Chapters 8,
\n9 & 11
\nPart II
\nComplete
\nthe following exam and save this file on your hard drive. Then submit your file to your instructor on
\nCanvas.
\nNAME___
\nPART A (14 Points)
\n1. Greenview Food Store
\ndeveloped the following information in recording its bank statement for the
\nmonth of March.
\n a. Outstanding
\nchecks total $1,380.
\n b. Deposits of
\nMarch 30 and 31 not yet recorded by the bank $1,185.
\n c. NSF check of
\nJoe Goofy, a customer, returned by the bank $420.<\/p>\n
d. Check No. 210
\nfor $161 was correctly issued and paid by the bank but incorrectly entered in
\nthe cash payments journal as a payment of Supplies for $116.
\n e. Bank service
\ncharge for March was $15.
\n f. The bank
\ncollected a note receivable for the company for $3,000 plus $200 interest
\nrevenue.
\nRequired:Complete the bank reconciliation below to include proper
\nexplanations. <\/p>\n
Greenview
\nFood Store
\nBank Reconciliation
\nMarch 31<\/p>\n
Balance Per Bank Statement, March
\n 31<\/p>\n
$ 9,365<\/p>\n
Add:<\/p>\n
$ <\/p>\n
Subtotal:<\/p>\n
$<\/p>\n
Less:<\/p>\n
Adjusted Balance Per Bank, March
\n 31<\/p>\n
$<\/p>\n
Balance Per Books, March 31<\/p>\n
$ 6,450<\/p>\n
Add:<\/p>\n
$<\/p>\n
Subtotal:<\/p>\n
$<\/p>\n
Less:<\/p>\n
$<\/p>\n
Adjusted Balance Per Books, March
\n 31<\/p>\n
$<\/p>\n
2. Record the general journal entry
\nor entries necessary to adjust Greenview Food Store records as of March 31 in
\nrelation to the bank reconciliation above.<\/p>\n
Date<\/p>\n
Account Titles<\/p>\n
Debit<\/p>\n
Credit<\/p>\n
PART B (12 Points)
\n Compute the maturity date and
\nthe maturity value associated with each of the following notes
\nreceivable. Use a 360-day year where applicable.
\n 1. A $10,000, 9%, 5-month note
\ndated January 31.
\n Maturity date__________
\n, Maturity value $____________<\/p>\n
2. A $30,000, 8%, 75-day note
\ndated August 13.
\n Maturity
\ndate__________, Maturity value $____________
\n 3. A $1,460, 10%, 90-day note
\ndated May 8.
\n Maturity
\ndate__________, Maturity value $____________ <\/p>\n
PART C ( 16 Points)
\nOn October 1, Foster Company
\nestablishes a petty cash fund by issuing a check for $150 to Kim Mann, the
\ncustodian of the petty cash fund. On October 31, Kim Mann submitted the
\nfollowing paid petty cash receipts for replenishment of the petty cash fund
\nwhen there is $6 cash in the fund:<\/p>\n
Freight Out<\/p>\n
$15
\nOffice Supplies
\nExpense 40<\/p>\n
Entertainment
\nExpense 60
\nPostage
\nExpense
\n 25<\/p>\n
Instructions:
\n In the space
\nprovided below prepare the journal entries required to establish the petty cash
\nfund on October 1 and the replenishment of the fund on October 31. <\/p>\n
Date<\/p>\n
Account Title<\/p>\n
Debit<\/p>\n
Credit<\/p>\n
PART D (16 Points)
\nThe accounting records of Fasbe
\nCompany shows the following account balances:<\/p>\n
DEBIT<\/p>\n
CREDIT<\/p>\n
Credit Sales<\/p>\n
$400,000<\/p>\n
Accounts Receivable<\/p>\n
$70,000<\/p>\n
Allowance for Doubtful Accounts<\/p>\n
640<\/p>\n
Required: Complete the following independent requirements:
\n 1. Journalize the adjusting
\nentry at December 31 assuming bad debts are expected to be 1% of Sales.
\n 2. Journalize the adjusting
\nentry at December 31 assuming bad debts are expected to be 6% of Accounts
\nReceivable.
\n 3. Journalize the adjusting
\nentry at December 31 assuming that Allowance for Doubtful Accounts has a debit
\nbalance of $180and bad debts are expected to be 1.5% of Sales.
\n 4. Journalize the adjusting
\nentry at December 31 assuming that Allowance for Doubtful Accounts had a debit
\nbalance of $180 and bad debts are expected to be 9% of Accounts Receivable. <\/p>\n
Date<\/p>\n
Account Title<\/p>\n
Debit<\/p>\n
Credit<\/p>\n
PART E (18 Points)
\n Dental Products Company pays
\nan administrative salary of $1,500 to the company secretary for the
\nweek ended 1\/10. The following
\ninformation pertains to payroll taxes:<\/p>\n
Employee Employer
\nFICA Taxes\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6..
\n8%
\n8%
\nFederal Unemployment Taxes\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6.
\n.8%
\nState Unemployment Taxes\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6\u00e2\u0080\u00a6.
\n5.4%
\n Other withholdings are as
\nfollows:
\nFederal Income Tax
\nWithheld………………………………….. $175
\nHealth Insurance
\nWithheld………………………………………. $ 30
\nRequired:
\n (1) Prepare the journal
\nentry to record the payroll on 1\/10.<\/p>\n
(2) Prepare the journal
\nentry to record Dental Product\u00e2\u0080\u0099s payroll tax expense.<\/p>\n
Date<\/p>\n
Account Titles <\/p>\n
Debit<\/p>\n
Credit<\/p>\n
PART F (16 Points)
\n On November 1 the Alps
\nCompany borrowed $30,000 from its bank by signing a 6-month, 12% interest
\nbearing Note Payable.
\nRequired: Assuming interest
\nexpense is NOT accrued on a monthly basis,prepare the journal entry
\nto record:
\n A. The
\nissuance of the note
\n B. The
\nyear-end interest accrual at December 31.<\/p>\n
C. The
\npayment of the note on its maturity date.<\/p>\n
Date<\/p>\n
Account Titles <\/p>\n
Debit<\/p>\n
Credit<\/p>\n
PART G (9 Points)
\n In providing accounting
\nservices to small businesses, you encounter the following situations pertaining
\nto
\ncash sales.
\n1. Price Company rings up sales
\nand sales taxes separately on its cash register. On November 15, the
\nregister totals are sales $4,000 and
\nsales taxes $240.
\n2. Leonard Company does not
\nsegregate sales and sales taxes. Its register total for November 15 is
\n$16,050, which includes a 7% sales
\ntax.
\nRequired: Prepare the journal
\nentries to record the above sales transactions and related taxes for each
\nclient.<\/p>\n
Date<\/p>\n
Account Titles<\/p>\n
Debit<\/p>\n
Credit<\/p>\n
PART H ( 7 Points)
\nA company will incur product repair
\ncosts in the future if products that it sells currently under warranty are
\nbrought in for repair during the warranty period. The company will also
\nincur bad debts expense in the future if customers who buy on credit currently
\nare unable to pay their accounts. The accounting procedures for these two
\ncosts (warranty expense and bad debts expense) are related to the same
\naccounting principle. (The answer I am looking for is NOT the
\nfull-disclosure principle.) Identify the principle and explain
\nfully how these costs are related to or guided by that principle.<\/p>\n","protected":false},"excerpt":{"rendered":"
Accounting Principles I – Online EXAM IV – Chapters 8, 9 & 11 Part II Complete the following exam and save this file on your hard drive. Then submit your file to your instructor on Canvas. NAME___ PART A (14 Points) 1. Greenview Food Store developed the following information in recording its bank statement for […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6159,6156,6158,6157,6154,6149,868,6148,6153,6155,6150,6152,6151],"tags":[6164,618,3782,6161,6165,6166,6160,6168,6167,6162,6163,3293,6169],"class_list":["post-12334","post","type-post","status-publish","format-standard","hentry","category-ae-essays","category-dissertation-homework","category-essay-assessment-brief","category-free-essay-examples-research-topic-ideas","category-in-1050-word-essay","category-in-a-page-paper-assignment","category-native-assignment-help","category-new-assignment-help-aus","category-uk-homework-study-bay-assignment-homework-help-homework-answers","category-uk-writings","category-us","category-write-my-essay-today-in-hours","category-6151","tag-assignment-write-a-page-essay-in-apa","tag-australia-essays","tag-bishops-writing-bureau","tag-help-for-assignment-master","tag-help-writing-week-discussion-post-responses","tag-instant-assignment-help","tag-masters-essay-service","tag-module-week-2-assignment","tag-online-assignment-prime-essays","tag-research-essay-pro-papers","tag-the-student-help-line-australia","tag-tropicalessays","tag-us-essays"],"_links":{"self":[{"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/posts\/12334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/comments?post=12334"}],"version-history":[{"count":0,"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/posts\/12334\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/media?parent=12334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/categories?post=12334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/tags?post=12334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}